The Financial Services Authority (FSA) continues to support the finance market in its effort to ensure that all businesses have the necessary frameworks in place to meet the FSA TCF deadlines as follows;

March 2008 – All firms must have appropriate management information or measures in place to test whether they are treating their customers fairly.

December 2008 – All firms must have completed their TCF work and be clearly able to demonstrate that they are consistently treating their customers fairly.

Recent FSA surveys found that only 41% of directly authorised small firms met the initial deadline of March 2007 for firms to have implemented TCF substantially within their business and only 22% of mortgage intermediaries met the deadline.
The 6 main areas which firms need to focus on are:

1. TCF to be a central culture of the firm.
2. Products and services marketed and sold in a way to fully meet customer needs.
3. Consumers are provided with clear information and kept appropriately informed during and after the point of sale.
4. Where consumers receive advice it is suitable and relevant.
5. Consumers are provided with products that perform as stated and as expected.
6. Consumers do not face unreasonable post-sale barriers such as submitting or making a complaint.

The finance industry today works within a more regulated environment than ever before. TCF is now integral to many businesses and will ensure that the interests of customers which are the future of every company are fully at the forefront of all good companies’ future strategic planning.